October 29, 2013
Marcus & Millichap Real Estate Investment Services recently announced the sale of three land parcels totaling 27,750 square feet in Miami.
The asset sold for $5,400,000.
“The property sits on NE 28th Street and Biscayne, a block from Biscayne Bay in the Edgewater area of Miami. The property is in the middle of a multi-billion dollar renaissance from several large development projects. Its close proximity to luxury condominiums, national retailers and access to the interstate makes this a perfect location for a mixed-use project, offering residential and retail for other national tenants that are entering the market,” says Ryan Shaw, a Senior Associate with Marcus & Millichap.
The property is located on the southeast corner of Biscayne Boulevard and NE 28th Street in close proximity to the Design District and Midtown Miami. The zoning under Miami 21 is T6-36A-O allows for the development of 333,000 square feet and a total height of 36 floors. The zoning also allows for approximately 96 condominium units. The land parcels are located at 2751 Biscayne Boulevard in Miami.
Earlier this month, a Long Island investor paid $9.1 million for 1.44 acres ripe for residential development in Miami’s Edgewater neighborhood.
Great Neck, New York-based 345 NE 32nd SN LLC acquired the former site of the Park Lane Towers project (shown left), according to Miami-Dade County records. The buyer is managed by Nader Damaghi, according to state corporate records. He is chairman of the family-owned First Quality Enterprises Inc., which manufactures feminine hygiene, baby diapers and adult incontinence products.
The transaction closed Oct. 8.
Miami-based Park Lane Towers LLC was the seller. It paid $8.2 million in June 2004 for the land, which was destined for a 615,000 square foot mixed-use project.
At about $146 per square foot, Damaghi’s company paid substantially less than other Edgewater investors… understandable given the fact that the Park Lane property has no Biscayne Bay frontage. In April, Miami-based AXA Strategic Management One LLC paid $230 per square foot for the Midtown Bay site at 545 NE 32nd St. In March, Eastview Realty Advisors LLC paid $243 per square foot for a site along Northeast 29th Terrace and Biscayne Bay.